From the Wires
Wearitable Working Toward 501(c)(3) Status
By: Marketwired .
Feb. 25, 2013 03:00 AM
FORT COLLINS, CO -- (Marketwire) -- 02/25/13 -- Wearitable is a non profit charity clothing website that believes in supporting the local non profit community through socially conscious consumerism. Fueled by their passion for producing quality products with the most beneficial impacts possible on the affected by the business operation, Wearitable has created a trendy and thought-provoking charity clothing site to promote this ideal as well as support charitable causes.
An innovative and charitable concept, Wearitable is laying the groundwork for responsible consumerism in an online world. The idea behind Wearitable is fairly simple and is catching on throughout the local non profit landscape. When a charitable individual buys something from Wearitable the only deductions from the cost of the item are taxes, shipping, and production costs. The rest, 100 percent of net profit, goes to a charitable cause. None of the item proceeds go to the operation of Wearitable. In addition, it is a 100 percent volunteer powered, charitable business.
Wearitable has lofty goals of creating an environment of giving as well and creating awareness for an array of worthy causes and local non profit organizations. In an effort to better serve others, they are currently working toward their 501(c)(3) status. To become recognized as a tax exempt charitable organization, Wearitable must be approved by the Internal Revenue Service. 501(c)(3) status will give Wearitable the ability to accept contributions and donations that are tax-deductible to the donor. Additional benefits of this status include:
Exemptiom from Federal and/or State Corporate Income taxes
Possible exemption from state sales and property taxes
The ability to apply for grants and other public or private allocations available only to IRS-recognized 501(c)(3) organizations
Public legitimacy of IRS recognition
Higher thresholds before incurring federal and/or state unemployment tax liabilities
Discounts on US Postal bulk-mail rates and other services
Wearitable is taking the necessary measures to achieve 501(c)(3) status in order to better serve local non profit organizations and charitable communities across the country. Visit www.wearitable.com to check on their 501(c)(3) status and browse their selection of trendy and socially conscious charity clothing.
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